FINANCIAL REPORT 2020/21

TABLE OF CONTENTS
		FactsI.
and figures		
4
Introduction
		Income
6
statement
		Distribution
8
		Solidarity
9		
10
The flow of solidarity payments
		Balance
12
sheet
		Own
14
resources		
16
Result by competition and activity
		
17
Source of income		18
Use of income
		Governing
20
expenses		Compensation
22
		Four-year
23
cycle		EURO
24
2020
		HatTrick
30
V
		
32
UEFA Nations League and European Qualifiers
		Club34
competitions
		38UEFA Champions League
		43UEFA Europa League
		
		
II.
		Annex				Financial statements as at 30 June 2021
Reports of the statutory auditors

Revenue in relation to total distribution and solidarity €m
4 579.8

2015/16

2 269.8

1 163.7

2016/17

2 119.4

268.3 2 387.7

2 061.7

273.0

2017/18
2018/192019/20
2020/21

3 433.5
2 835.9

2 789.8
2 334.7
3 857.2
3 093.1

275.0

3 368.1

3 038.2
2 417.4242.8

2 660.2
5 724.5

3 411.1

4 511.8

1 100.7

Revenue

Distribution

Solidarity

Money distributed €m2020

2020/21

Italy

Chelsea FC

28.3

119.8

2016

EURO

Portugal
25.5Champions
League

2019/20

FC Bayern München
125.5

2021

2020/21

Germany

Villarreal CF

0.45

Under-21

2019

Spain
0.50

33.1

EuropaLeague

2019/20

Sevilla FC
34.6

Other information
Number of matches played

Number of employees with open-ended contracts

2020/21		

2020/21		

2 003

549

2019/20		

2019/20		

1 916

537

Revenue by nature and competition €m
TOTAL REVENUE
5 724.5
Media rights

Commercial rights

4 472.2

992.1

78.1 %

Tickets and hospitality

234.4

17.3 %

4.1 %Other revenue andasset management

25.8
0.5 %

Club competitions

3 155.9
55.1 %

Other competitions
and other revenue

38.8
0.7 %

National team competitions

2 529.8
44.2 %

INTRODUCTION
The pandemic continued to have a major impact on European
football throughout the 2020/21 season. Yet, despite shifting
health and travel regulations, and guided by the Return to Play
operational and medical protocol, UEFA safely delivered all of its
elite men’s and women’s competitions, including the postponed
EURO 2020 final tournament.
By successfully staging virtually all scheduled club competition
matches, revenue from the UEFA Champions League, Europa
League and Super Cup almost reached pre-pandemic levels.
Together with EURO 2020 and higher than expected takingsfrom popular Nations League and European Qualifiers, ourcompetitions generated a cumulative €5.7 billion in revenue –the highest amount ever in a EURO season.
The pandemic did, however, force us to move the men’sChampions League final from its original venue of Istanbul
owing to travel restrictions that would have prevented fans ofboth finalists from attending. The event returned to Portugal,
which already had experience of staging the previous season’s
rearranged final at short notice, and fans from each club wereable to attend the match.

4

In addition, UEFA either cancelled on-site training courses
and educational programmes or switched to online formats.
Committee and panel meetings were run as videoconferences.
Collectively, cost-cutting measures created overall savings of€57 million in 2020/21 and €34 million in 2019/20.
The robust balance sheet and financial resources provided
tremendous security, allowing UEFA to underwrite substantial
advance payments to clubs to help mitigate losses in lower
matchday and broadcast revenue caused by the pandemic.
Despite EURO 2020 revenue going down to €1.9 billion,
we still increased distribution payments to participating
national associations by €30 million. An additional€165 million was invested in our HatTrick V development
programme, which channels EURO revenue back into footballdevelopment projects through associations. Total HatTrickfunding amounted to €775.5 million.
Each of these decisions sent a strong signal to European
football that UEFA is committed to using its distribution
and solidarity payments to help our 55 member associations
and clubs overcome football’s financial crisis.

Managing costs, while remaining agile and adapting to rapidlychanging circumstances, helped UEFA to absorb the financial
hit of the COVID-19 pandemic. For example, at EURO 2020, we
took steps to counterbalance the added cost of implementing
safety measures across 11 different host countries. These
included switching venues to ensure an increased ticketing
inventory and adjusting the number of fan zones to comply
with local health restrictions.

Safeguarding the long-term financial future of the game,however, has come at a short-term cost, with UEFA reserves todrop below the €500 million endorsed by the UEFA Congress.
In response, our administration is developing a revised strategic
financial outlook that reassesses targets and budgets. Net
earnings from EURO 2024 and 2028 will progressively restore
UEFA reserves, ensuring that we can maintain investments infootball development and education at pre-pandemic levels.

Each year, the UEFA financial report presents financial data forthe previous football season. This year’s report comprises a detailed
analysis of UEFA’s finances for the 2020/21 season and an annex
incorporating financial statements, notes, explanations and theauditor’s reports.

its revenues directly back into the game – first and foremostby paying out prize money and solidarity to clubs and national
associations. The purpose of the infographic is therefore to explain
the sources from which UEFA generates its revenue and how it isthen reinvested.

The report also features a new infographic, on the facing page,illustrating the principles of the European sports model and UEFA’s
primary objective to reinvest as much as possible of its revenue
into developing football. UEFA distributes the vast majority of

To do this, it only makes sense to use cumulative figures overfour years (i.e. 2019/20 to 2022/23); otherwise an analysis of themoney flow would be distorted by the fact that a EURO only takes
place every four years.

ME

UB

S

%

LL D

EN T

BA

8.3

M

C
ION
- ASS O

P
EVELO

2.3

%

ER

N IN G EXPE

CL

to clubs
participating
in men’sChampions
League, Europa
League andSuper Cup

to UEFA member
associations
participating in men’sEURO, European
Qualifiers andNations League

to nonparticipatingclubs from all
55 member
associations to
be invested inyouth footballdevelopment
projects

FINANCIAL REPORT | 2020/21

to clubs
eliminatedin the men’sChampions
Leagueand Europa
Leaguequalifying
roundsto clubs
contributing
to the successof nationalteam football
through theparticipation ofsome of theirplayers

to fund othercompetitions
such as women’s,
youth, futsal
and the UEFA
Regions’ Cup

to keep
overheads toa minimum
to maximise
investment in
the game
to fund the
HatTrickdevelopment
programme – thelargest solidarity
initiative in sport

ES

A
NS

%

G

V

T

TION -

is needed to
run UEFA as agoverning body

T

DI S

BU

14.4

UT

%

RI

N T IN T HE

IA
TIO

BS

U

L

NET REVENUE

ME

2.3%

GO

RIT Y - C

€ 15.3bn

FO O

67.5

DA

€ 17.4bn€ -2.1bn

IB
DISTR

SO

LI

GROSS REVENUE

NS

UE
F

E

%

Examples: disciplinary fines,
asset management, FIFA
Forward programme and net
financing from reserves

S
CE

INV

7.5

%

COMPETITION COSTS

ST

goes directly
to clubs

2.0%

VENUE SOU
RE
R
AEURO 2020 cycle
financial years
2019/20 to 2022/23

75.0%

22.3

O

NATIONA

CLU
B%

ER REVENU
TH

E

S
ON

75.7

EAM COMLTON
TITI SPEMP
CO ETITI

to fund footballdevelopment projects
and education, such ascoaching, refereeing,
women’s football,other confederations
5

INCOME STATEMENT
To accurately gauge UEFA’s revenue for the 2020/21 financial
year, it is instructive to compare the equivalent figure for the last
European Championship season – 2015/16. In the space of four
years, UEFA has increased its earnings by 25% to €5.7 billion.
Successfully delivering EURO 2020 in 11 host cities, safely
allowing fans back into stadiums and completing our elite clubcompetitions on schedule with few match cancellations played
critical roles in generating UEFA’s highest ever revenue for asingle season. All reflect tactical master strokes, not least the
introduction of UEFA’s Return to Play Protocol and the capacity
to switch match venues at short notice to comply with local
health regulations.
The centralisation of European Qualifiers media andsponsorship sales and the introduction of the UEFA Nations
League also significantly contributed to the increase in revenue
since 2015/16; the latter, in particularly, has made nationalteam football more attractive and competitive, for players andspectators alike.
Total revenue stands at €5.7 billion (2019/20: €3bn). The fullrecognition of EURO 2020 revenue in this financial year, thehigher number of European Qualifier matches, as well as theplaying of the postponed 2020/21 UEFA Nations League,
account for an unprecedented €2.7 billion increase. Men's
club competition revenue of €3.1 billion was almost back at
the pre-pandemic level.
The highest share of revenue that UEFA reinvests back into thegame is distributed to national associations participating inEURO 2020, the Nations League and the European Qualifiers,
and to clubs taking part in senior men’s club competitions. In
2020/21, this amounted to €3.4 billion or 60 % of our total
revenue. Distribution to EURO 2020 participating associations
stands at €331 million – €30 million higher than for EURO2016. Distribution payments to national associations for theEuropean Qualifiers, UEFA Nations League and friendlies
accounted for €577.4 million, a consequence of staging somany national team matches in 2020/21. Club competition
distribution totalled €2.5 billion, which is only slightly lower
than 2018/19, before the pandemic started.
Unfortunately, a number of youth and amateur, and futsal
competitions had to be postponed or cancelled for the second
successive season. ’Contributions to associations’ increased
compared with 2019/20 due to payments to host associations
for the organisation of EURO 2020. Also linked to EURO 2020,’Event expenses’ – €613.7 million (2019/20: €181.3m) – aremuch higher than for the previous season. The cancellationof other competitions had a financial impact on ’Referees andmatch officers’ costs, which fell by €5.1 million despite theadditional EURO matches.

6

Cost-cutting measures, designed to mitigate the pandemic’s
impact on our operations, delivered total savings of€57 million (2019/20: €34m). The headcount freeze instigatedin April 2020 was maintained and no bonuses or pay rises
were awarded in 2019/20. However, given the successful
delivery of EURO 2020 and the financial results achieved for2020/21, the Compensation Committee decided to reinstateUEFA’s bonus scheme – recognition of our staff’s tirelessefforts to identify and implement financial and operational
solutions when faced with unprecedented challenges.
Compared with 2019/20, total ’Employee salaries and benefits’
were much higher. This is due to the bonus payments andEURO 2020 personnel costs of €65.7 million being fullyrecognised in 2020/21.
Solidarity payments represent the second-largest expense
item at €1.1 billion (2019/20: €242.8m). This increase canbe explained mainly by the €660 million provision accrued
to finance the HatTrick V programme and by the EURO 2020
club solidarity of €200 million. Donations to the different
portfolios and the UEFA Foundation for Children increased to€9.8 million (2019/20: 8.7m) and include social responsibility
activities related to EURO 2020.
We continue to suffer from negative interest payments and,since 2020, the disappointing lower interests paid on short-term
USD and GBP investments, which could not be counterbalancedby higher other investments such as marketable securities. The
stronger British pound could not compensate for a weaker
US dollar and Swiss franc, resulting in lower currency gains ofapproximately €1 million. Adding in those currency effects, theoverall result for ’Financial items and taxes’ shows a positive
result of €7 million (2019/20: €11.9m).
UEFA’s net result stands at €22.1 million. Together with theexisting reserves, this will be used to finance our activities
through to 2023/24.

2009/10

1 304.7

4.1

1 308.8

2010/11

1 355.3

29.2

1 384.5

2011/12

1 372.2

1 423.5

2 795.7

2012/13

1 623.6

75.3

1 698.9

2013/14

1 662.0

68.4

1 730.4

2014/15

1 755.1

2015/16

2 416.8

2016/17

2 487.4348.5

2 835.9

2017/18

2 508.9280.9

2 789.8

2018/193 217.2

2019/20

2 730.3

2020/21

3 155.9€m

Club competition revenue

344.3

2 099.4
2 163.0

4 579.8

640.0

3 857.2
3 038.2

307.9

5 724.5

2 568.6
National team competitions and other revenue

Breakdown | by nature
2020/212019/20

4 472.2

2 593.3

992.1

417.8

5 464.3

3 011.1

Tickets

155.5

3.5

Hospitality

78.9

0.3

€m
Media rights
Commercial rights
Total rights revenue

Other revenue

25.8

23.3

Total revenue

5 724.5

3 038.2

Distribution to participating teams-3 411.1-2 417.4

Contributions to associations

-88.9

-35.6

Event expenses-613.7-181.3

Referees and match officers

-32.3

-37.4

Information and communications technology-116.9-53.6

Employee salaries and benefits-212.2-95.4

Depreciation and amortisation

-16.1

-9.3

Other expenses-117.5-51.2

Total expenses-4 608.7-2 881.2

Operating result before solidarity payments

1 115.8

157.0

Solidarity payments-1 100.7-242.8Financial items and taxes

7.0

11.9

Net result for the period

22.1

-73.9

FINANCIAL REPORT | 2020/21

7

DISTRIBUTION
Seeing that UEFA’s main objective is to reinvest as much as
possible in European football, it comes as no surprise that the
distribution to associations and clubs participating in UEFA’s
competitions represents the biggest cost item in the income
statement. From total revenue of €5.7 billion, 60 % is madeavailable for distribution.
The amount available for the associations that participatedin EURO 2020 represents roughly 18% of the total revenue
generated by EURO 2020, compared with 16% for EURO 2016.
It was the clear wish of the UEFA Executive Committee toincrease the distribution despite the small reduction in revenue
in order to help the national associations during the pandemic.
Although the decrease in club competition revenue caused by
the pandemic was not as serious as in 2019/20, distribution
was still kept at the level paid out in the 2018/19 season. The
resulting overpayment of €57.3 million in distribution to clubs
will be deducted in equal shares over four seasons. As shown in
the table below, total distribution to clubs stood at €2.5 billion(2019/20: €2.1bn) and corresponds to the recognised costs.

The actual amounts paid out to each participating club andassociation for EURO 2020 are disclosed in detail within the
different competition sections of this financial report.
The amount distributed for the European Qualifiers, UEFA
Nations League and friendly matches also corresponds to
the recognised annual costs and not the actual amount paidout to the national associations, which follows a payment
schedule with six instalments over the whole cycle.
The increase compared with 2019/20 is natural as more
matches were played in the 2020/21 financial year.
The table below also shows the amounts paid out toteams playing in other competitions, such as the European
Under-21 Championship. The amount for distribution to
clubs playing in the Women’s Champions League increased
in 2020/21 and will do so further when the competition ismarketed centrally as from the 2021/22 season.

2013/14

1 238.1

2014/15

1 570.2

2015/16

2 269.8

2016/17

2 119.4

2017/18

2 061.7

2018/19

3 093.1

2019/20

2 417.4

2020/21

3 421.1€m

Distribution by season

Breakdown | by competition

2020/21€m
EURO 2020

331.0

0.0

European Qualifiers, UEFA Nations League and friendlies

577.4

278.4

1 943.1

1 646.4

550.3

478.6

UEFA Super Cup

8.0

8.0

UEFA European Under-21 Championship

4.0

0.0

UEFA Women’s Champions League

6.6

5.6

Other competitions

0.7

0.4

3 421.1

2 417.4

UEFA Champions League
UEFA Europa League

Total

8

2019/20

SOLIDARITY
UEFA’s main objective is to reinvest as much as possible
in European football, not only by way of payments toparticipating clubs and member associations, but also
to those which do not qualify for our competitions.
This has a two-fold benefit, given that reducing financial
gaps also reduces sporting gaps and opens up UEFA’s
competitions to a maximum number of member associations
and clubs. At the same time, reinvesting and sharing resources
boosts the development of football at grassroots and youth
levels. Thus, the solidarity concept is first and foremost astatutory objective aimed at developing European footballas a whole and promoting the social values of the game.
Solidarity payments are made available to:• member associations to develop their infrastructure;• member associations to contribute to their running costs;• member associations as incentive payments, for instancefor taking part in UEFA youth, women’s, futsal andamateur competitions or implementing different charters
and conventions;• other top-division clubs that do not qualify for UEFA’s
main competitions, with payments distributed for youth
development;• clubs that contribute to the success of national teamfootball in general and the EURO in particular throughthe participation of some of their players.
UEFA also makes donations to the UEFA Foundation forChildren as well as to other core and associated partners
to support social responsibility activities and initiatives.
A detailed breakdown can be found on pages 19 and 20of the annex to this financial report.
The chart below shows the amounts made available tomember associations and clubs and accrued in UEFA’s accounts
on an annual basis. The actual payments are not necessarily
made within the same financial year because of internal
approval processes or because they are split over a whole cycle(e.g. yearly HatTrick solidarity payments).
A table detailing all actual payments made to member
associations can be found on page 11.

• clubs eliminated in the preliminary stages of the UEFAChampions League and UEFA Europa League;

2013/14175.6

2014/15171.4

2015/16

1 163.7

2016/17268.3

2017/18273.0

2018/19275.2

2019/20242.8

2020/21

1 100.7€m

Solidarity by season

Breakdown | by beneficiary

2020/21€m

2019/20

Member associations

660.0

33.0

Clubs

430.9

201.1

9.8

8.7

1 100.7

242.8

Donations
Total

FINANCIAL REPORT | 2020/21

9

THE FLOW OF SOLIDARITY PAYMENTS
This section provides a transparent overview of all solidarity
payments to member associations and clubs. The various
beneficiaries are disclosed by country in the table on the
opposite page.

– €100,000 for implementing the UEFA elite youth player
development programme

Solidarity payments are financed from club competitions on
the one side and from the European Football Championship(EURO) on the other. Although solidarity payments fromclub competition earnings mainly benefit club football,and EURO earnings are largely made available to member
associations within the framework of the HatTrick
programme, European football constitutes an integrated,interrelated whole built on mutual values. For instance, asignificant portion of the revenue generated by a EUROevery four years is shared with the clubs that participate
in the success of the final tournament and national teamfootball in general. Likewise, as the table on the next pageshows, a proportion of the annual income generated byclub football benefits member associations.

– €100,000 for travelling expenses for national teams

Solidarity payments: national team football
A The HatTrick V programme for the 2020/21–2023/24
four-year cycle provides for a one-off €4.5 million solidarity
payment to each UEFA member association to be used
for investments in football infrastructure. The amounts
distributed during the 2020/21 financial year are disclosed
in this section. In some cases, these might include paymentsfrom previous HatTrick cycles.
B The HatTrick programme also provides for yearlysolidarity payments in favour of member associations,consisting of the following elements:• €800,000 as a solidarity payment to cover the running costsof the member association and good governance projects• €1,600,000 maximum in annual incentive payments, divided
up as follows:– €250,000 for taking part in UEFA youth, women’s, futsal
and amateur competitions– €250,000 for implementing the UEFA club licensing system– €200,000 for implementing good governance principles
and running good governance projects– €200,000 for implementing the UEFA grassroots charter– €150,000 for implementing the UEFA women’s footballdevelopment programme– €100,000 for implementing the UEFA coaching convention– €100,000 for implementing the UEFA referee convention10– €100,000 for implementing the UEFA football social
responsibility programme– €50,000 for anti-match-fixing and integrity activities
From an accounting point of view, each association receives
a maximum of €1.7 million each year financed from nationalteam football.

Solidarity payments: club football
C €38.5 million was channelled from the UEFA Champions
League to member associations to co-finance theaforementioned yearly HatTrick solidarity payments.

The total solidarity payment received by each member
association in 2020/21 is therefore the sum of columns B and C.
The maximum amount available is €2.4 million.
D A substantial amount was made available for youth
development to clubs not involved in either of the twomain men’s club competitions. As decided by the relevant
leagues and/or member associations, clubs in the domestic
top division and, in some cases, the next division down
benefited from these payments.
E A lump sum, calculated according to the number ofmatches played, was paid to clubs which played in thequalifiers but failed to reach the group stage of the UEFAChampions League, with an additional €260,000 for adomestic champion club. No payments were made to clubs
involved in UEFA Champions League qualifying rounds which
succeeded in reaching the group stage.
F The formula described in point E above was also applied
to the UEFA Europa League.

Financed by club football

Financed by nationalteam football€000

Total perassociation
7 598
4 730
4 893
8 672
7 322
6 051
7 953
8 279
6 216
9 381
6 518
4 731
9 245
19 052
8 617
9 670
7 007
17 0559 217
16 323
9 030
7 788
8 662
6 078
6 503
14 863
6 888
4 557
5 112
3 030
6 175
6 344
9 413
7 843
5 469
8 054
5 400
7 475
5 529
9 282
12 899
9 422
6 738
7 894
5 980
8 770
5 816
7 231
5 604
17 72810 2146 931
13 1877 450
6 130454 019

Albania
AndorraArmenia
Austria
Azerbaijan
BelarusBelgium
Bosnia and Herzegovina
Bulgaria
Croatia
CyprusCzech Republic
Denmark
England
Estonia
Faroe Islands
FinlandFranceGeorgia
Germany
Gibraltar
GreeceHungary
IcelandIsraelItaly
Kazakhstan
KosovoLatviaLiechtenstein
Lithuania
Luxembourg
Malta
Moldova
Montenegro
Netherlands
Northern Ireland
North Macedonia
NorwayPolandPortugal
Republic of Ireland
Romania
RussiaSan Marino
ScotlandSerbiaSlovakia
Slovenia
Spain
SwedenSwitzerland
TurkeyUkraine
Wales
Total

FINANCIAL REPORT | 2020/21

UEFA Champions League

UEFA Europa
League

A

B

C

D

E

F

Investments

Yearlysolidarity
1 700
1 700
1 700
1 700
1 700
1 700
1 700
1 700
1 700
1 700
1 700
1 700
1 700
1 700
1 700
1 700
1 700
1 700
1 700
1 700
1 700
1 700
1 700
1 700
1 700
1 700
1 700
1 700
1 700
1 700
1 700
1 700
1 700
1 700
1 700
1 700
1 700
1 700
1 700
1 700
1 700
1 700
1 700
1 700
1 700
1 700
1 700
1 700
1 700
1 700
1 700
1 700
1 700
1 700
1 700
93 500Yearlysolidarity
700
700
700
700
700
700
700
700
700
700
700
700
700
700
700
700
700
700
700
700
700
700
700
700
700
700
700
700
700
700
700
700
700
700
700
700
700
700
700
700
700
700
700
700
700
700
700
700
700
700
700
700
700
700
700
38 500Non-partici­
pating clubs
478
390
393
4 454
402
412
4 433
459
575
581
478
571
4 475
13 312417
390
567
12 615
406
9 083
390
4 588
4 442
455
1 123
11 518
395
447
396
390
404
394
453
394
429
4 454
790
461
1 009
1 582
4 579
722
828
4 454
390
1 830
616
571
484
12 856
2 492
926
4 507
4 230
1 110
130 000

Eliminated
clubs
920
490
540
380
1 140
1 400
920
660
1 240
380
540
920
540
540
540
540
540
490
540
920
540
540
920
540
380
770
540
920
280
660
490
660
1 140
540
920
540
860
380
540
26 340Eliminated
clubs
1 800
700
1 560
540
980
1 040
1 120
2 100
1 520
1 360
2 140
1 380
1 620
540
1 560
2 260
1 560
540
1 800
840
1 200
800
1 820
980
2 100
540
1 260
1 220
1 520
240
1 520
1 240
1 520
1 260
1 700
820
1 440
1 780
2 120
2 380
1 420
1 520
1 800
540
700
2 380
1 560
1 520
1 800
540
2 380
1 620
1 400
820
1 480
75 900

2 000
750
898
2 400
799
2 400
1 061
3 800
1 500
750
2 800
3 700
3 700
1 940
1 500
4 071
4 000
4 500
1 703
880
405
2 293
256
931
1 770
4 500
2 869
400
2 294
2 000
4 500
4 500
1 050
500
2 000
1 500
100
2 200
1 932
2 402
1 125
4 500
600
89 77911

BALANCE SHEET
Following the recognition of the EURO 2020 net result withthe corresponding reversal of deferred income and accrued
competitions costs, the balance sheet total decreased from
€3.8 billion to €3.2 billion as at 30 June 2021.
As at 30 June 2021, cash and cash equivalents and otherfinancial assets stood at €2.6 billion, up from €2.1 billion at
the end of the previous year. This increase is mainly related toEURO 2020, with final payments to participating teams andsuppliers falling due in the following financial year, but also toadvances received from partners for the new club competition
cycle. Altogether, those financial assets represent 82% of total
assets (56% as at 30 June 2020).
74% of UEFA’s total financial assets are invested short term tocover all commitments related to distribution, club solidarity
payments, HatTrick programmes and UEFA’s operating expenses.
The remainder is invested in long-term capital-protected
securities and, to a very small extent, in providing loans.
The substantial increase in ‘Deferred competitions costs’
represents the non-current portion of accrued expenses
for the 2022–28 cycle of other men’s senior national teamcompetitions and for EURO 2024. In 2020/21, capital
expenditure represented a volume of €6.8 million – 35 %lower than the previous year (2019/20: €10.4m). Whereas
investments in ICT and office equipment remained on a similarlevel to the previous year, investments in intangible assets
were lower because larger IT software developments arenormally not implemented in a year when a EURO takes place.

12

Depreciation and amortisation for the period increased,largely due to investments made the previous year in thedevelopment of ticketing software that was also used forEURO 2020. The increase in other non-current financial assets
is due to the pre-financing commitment made by UEFA to
mitigate the financial impact of the pandemic on clubs in both2019/20 and 2020/21; these advances will be paid back overthe coming seasons.
Liabilities are €660.3 million lower than the previous year
end. This natural change is mainly due to the recognitionof deferred income for EURO 2020 and the current cycle ofother men’s senior national team competitions. This is partiallycounterbalanced by the HatTrick provision of €621.5 million,
whereas €183.3 million was already used in 2020/21 for
HatTrick solidarity payments.
To the total reserves of €500.8 million as at 30 June 2020, thepositive net result for the period of €22.1 million is added,
giving total reserves of €522.9 million. As a result of thesignificant reduction in the balance sheet total, UEFA’s reserves
as a percentage of the total balance sheet increase to 16.5%(13.2% as at 30 June 2020).
Thanks to its strong balance sheet with a solid reserves baseand a continued surplus of current assets over current liabilities,
UEFA remains in a strong financial position to weather the crisis.
More details on UEFA’s reserves can be found in the following
section, ’Own resources’.

Total: 3 160.3
3 000
2 500
2 000

Current

2 218.7

Non-current

941.6

2 637.4

1 500
1 000
500

522.9

0
€m

AssetsLiabilities

Reserves

Breakdown | by category€mCash and cash equivalents

30/06/2021

30/06/2020

1 187.4

732.5

Other financial assets

727.6

743.9

Other current assets

303.7

1 567.9

Current assets

2 218.7

3 044.3

Deferred competition costs

159.3

4.6

Property and equipment

94.6

98.7

Intangible assets

12.8

17.9

Other financial assets

674.9

633.0

941.6

754.2

Total assets

Non-current assets

3 160.3

3 798.5

Current liabilities

2 240.6

3 029.8

396.8

267.9

2 637.4

3 297.7

500.0

500.0

0.8

74.7

Non-current liabilities
Liabilities
Undesignated reserves
Retained earnings
Net result for the period

22.1

-73.9

Reserves

522.9

500.8

3 160.3

3 798.5

Total liabilities and reserves

FINANCIAL REPORT | 2020/21

13

OWN RESOURCESUEFA had to deal with the very difficult situation aroundthe pandemic. In this regard, the strong balance sheet andfinancial resources provided tremendous security when,for instance, we decided to finance substantial advancepayments to clubs in 2019/20 and, to a lower extent, again
in 2020/21. These advances will be paid back by the endof the 2023/24 financial year.
A strong balance sheet and financial resources were alsoneeded to stem the additional costs and lower matchday
revenue caused by the postponement of EURO 2020, as
well as to finance the increased amounts available for the
HatTrick V programme, which are crucial to further help
national associations during these difficult times.
The overall financial impact on UEFA’s reserves will only bevisible at the end of the EURO 2020 cycle, i.e. at the endof June 2023, because the following two financial years
will produce negative results and reserves will therefore be
below the agreed target of €500 million – a target endorsedby the UEFA Congress based on a risk assessment and anevaluation of costs if no turnover was generated in order toestimate what level of reserves UEFA needs to be protectedagainst any risks.
Retained earnings constitute part of the amount UEFAneeds to cover its running expenses in years when there is
no EURO. The lower EURO 2020 net result caused by the
pandemic will require undesignated reserves to be tapped
to finance UEFA’s activities over the next two years, until theend of the four-year cycle in June 2023, before EURO 2024
takes place.
The UEFA administration is currently preparing a strategic
financial outlook covering the seasons up to 2027/28. The
goal is to use net earnings from the next two EUROs to keep
football development and education on the same level, whileat the same restoring reserves to the level endorsed by theUEFA Congress and, last but not least, safeguarding UEFA’s
solidarity programmes.

30/06/2014

558.7

30/06/2015

530.7

30/06/2016

632.8

30/06/2017

626.1

30/06/2018

621.2

30/06/2019

574.8

30/06/2020

500.8

30/06/2021

522.9

€m

Reserves as at balance sheet date

Breakdown | by category€mUndesignated reserves

14

30/06/2021

30/06/2020

500.0

500.0

Retained earnings

0.8

74.7

Net result for the period

22.1

-73.9

Total

522.9

500.8

Average revenue over four years

3 852.4

3 130.3

Undesignated reserves as % of average revenue

13.0 %

16.0 %RESULT BY COMPETITION AND ACTIVITY
UEFA’s cost accounting is set up in such a way that theresult can be analysed from different angles. The financial
statements are classified by nature and checked by our
external auditors, as published in the annex to this financial
report as well as on page 7.
However, it is also useful to disclose supplementary
information on the source and use of income, or in otherwords, how funds are generated and how they are invested.
Therefore, in parallel and as complementary information,
UEFA breaks down its result by competition and activity.
The source of net income (revenue minus expenses) reflects
the net result from:• Main competitions: this shows the net result of all senior
men’s national team (EURO, European Qualifiers, UEFA Nations
League and friendlies) and club competitions (UEFA Champions
League, UEFA Europa League and UEFA Super Cup).
2020/21 was the last year of the current three-year clubcompetition cycle for 2018–21. The total revenue andtotal expenses of a EURO are recognised in the year
the tournament takes place. Consequently, due to thepostponement of EURO 2020 from 2020 to 2021, the net
income is recognised in the 2020/21 financial year.
• Other revenue and asset management: other revenue
represents income from fines imposed in disciplinary
proceedings, the FIFA Forward programme and ‘non-footballrelated matters’. Asset management consists of income fromfinancial investments, net of any fees, as well as any currency
exchange differences.

The use of net income is divided into four sections, withmore details published on page 19 under ‘Use of income’.
• HatTrick programme and social responsibility: this is
the sum of accruals made for the HatTrick development
programme and associated administrative costs as well as
football social responsibility activities (FSR), including theUEFA Foundation for Children.
• Other competitions: these are net investments in women’s,
youth and amateur, and futsal competitions.
• Other football activities: this relates to development,
education and conferences, and includes a range ofinitiatives that UEFA undertakes to further improve footballin areas such as knowledge sharing between associations,
support to other confederations, women’s footballdevelopment, business development and digital technology,
refereeing, coaching, stadiums and security, grassroots, aswell as anti-doping and medical matters.
• Governing expenses: this groups administrative overheads
and institutional costs, as explained on page 20.
‘Net financing to/from reserves’ corresponds to the ‘Net
result for the period’ in the income statement and shows
how much has been put into reserves (positive net result in
2020/21) or how much has been taken from the reserves(negative net result in 2019/20).

Breakdown | by competition and activity
2020/21
Net result€m

16

2019/20
Net result

National team competitions

657.6

-28.4

Club competitions

173.8

148.9

Other revenue and asset management

34.8

35.7

Source of net income

866.2

156.2

HatTrick and social responsibility- 670.9-43.9

Other competitions

-43.7

-52.5

Other football activities

-42.7

-50.0

Governing expenses

-86.8

-83.7

Subtotal-844.1-230.1

Net financing to (-) / from reserves (+)

-22.1

73.9

Use of net income-866.2-156.2

SOURCE OF INCOME
This section provides information on UEFA’s sources of finance.
The table below discloses revenue and expenses for the main
men’s competitions; other income, including returns from asset
management; and comparative figures for the net result.
The biggest share comes from EURO 2020 net earnings,
recognised in full in 2020/21. European Qualifiers, UEFA
Nations League and friendlies are grouped because the salesof rights are bundled for most contracts and a split of revenue
and costs, such as distribution, would not make sense.
Besides the EURO, the UEFA senior men’s club competitions
are the main source of income, producing net earnings of€173.8 million (2019/20: €148.9m). Total gross revenue stands
at €3.15 billion and is roughly €426 million higher than in
2019/20, as all competitions were played in full and only minor
COVID-19 compensation to partners was paid, which obviously
had a positive impact on the UEFA share. More explanations
on national team competitions, including EURO 2020, and clubcompetitions are provided within the different competition
sections, starting on page 24.
’Other revenue’, which comes to €26.7 million, is up on theprevious year (2019/20: €22.7m). The €4 million increase isrelated to higher revenue from disciplinary fines and the FIFA
Forward programme, whereas ‘Other football matters’ and‘Non-football-related matters’ are slightly lower.
Income from asset management decreased from €13 million
in 2019/20 to €8.1 million. Compared with the previous
season, returns from current accounts were negative becauseof higher negative interest payments. In addition, money
market investments were disappointing due to much lower
yields in both the US dollar and British pound. Returns frommarketable securities and alternative investments remainedon a similar level to the previous year, whereas loans to
associations were lower, with a corresponding natural
reduction in interest income.

Breakdown | by competition and other income
2020/21
Revenue

2020/21
Expenses

1 882.5-1 236.7

647.3-635.53 155.9-2 982.1

5 685.7-4 854.3

26.8

-0.1

0.0

8.1

Asset management

5 712.5-4 846.3

FINANCIAL REPORT | 2020/21€m

2020/21
Net result

2019/20
Net result

UEFA EURO

645.8

0.0

European Qualifiers, UEFA Nations League and friendlies

11.8

-28.4

Club competitions

173.8

148.9

Main competitions

831.4

120.5

Other revenue

26.7

22.7

8.1

13.0

866.2

156.2

Source of net income

17

USE OF INCOME
The table on the opposite page details investments madeunder ’HatTrick programme and social responsibility’, ’Other
competitions’ and ’Other football activities’.
HatTrick V is financed for the largest part by EURO 2020
and a corresponding provision was created in the 2020/21
financial year. The remaining 20 % will be accrued in thefinancial years up to 2023/24. More information on UEFA’s
HatTrick programme is provided in a dedicated section on
page 30. Social responsibility is split into two groups: theUEFA Foundation for Children and other football social
responsibility activities, which relates to agreements withcore and associated partners in this field.
UEFA invests a substantial amount in women’s, youth
and futsal competitions, and the UEFA Regions’ Cup.
Unfortunately, the pandemic brought continuous developmentin these sectors to a temporary standstill. To safeguard
players and officials, and to reduce the pressure on member
associations, competitions were cancelled or postponed.
The 2021 European Under-21 Championship final tournamentin Hungary and Slovenia was able to be staged and wasplayed for the first time with 16 teams instead of 12. However,the final round was split into two phases because the originalschedule clashed with the postponed EURO 2020. The
two‑month delay to the second phase brought the benefit
of warmer temperatures producing lower COVID-19 infection
rates and, consequently, a limited number of spectators
were allowed into stadiums. Due to the rescheduling of

the finals, total revenue was lower than for the previous
edition in Italy. The net result was, however, only marginallybehind as distribution was left on the same level as for theprevious tournament despite the increase in the number ofparticipating associations, and competitions costs were lower
as a result of the rescheduling.
The pandemic also continued to affect other areas, such as
football development and education, which are grouped
under the heading ’Other football activities’ on the facing
page. To protect young players and because of organisationaldifficulties, it was impossible to run development tournaments.
Educational seminars for coaches and referees, as well as UEFA
Academy programmes, were either cancelled or mostly held byvideoconference. In contrast, investments in women’s footballand support to other football confederations were able to be
increased. As the pandemic had only affected the last quarterof the 2019/20 financial year, investments during that year
remained on the same level as in 2018/19. In 2020/21, on theother hand, the impact was spread over the full financial year,
leading to substantial cost savings of €7.4 million.
UEFA’s governing expenses amount to €86.8 million(2019/20: €83.7m). These refer to all administrative overheads
and institutional costs. Further details are provided on page 20,
under ’Governing expenses’.
The net result for the period stands at €22.1 million(2019/20: €-73.9m).

Breakdown | by competition and activity
2020/21
Revenue

2020/21
Expenses€000

2020/21
Net result

2019/20
Net result--660 000

HatTrick programme-660 000-33 000--1 360

HatTrick administrative costs-1 360-1 157--3 580UEFA Foundation for Children-3 580-3 770--5 990--670 930--4 301

149
34

Other football social responsibility activities-5 990-5 930-670 930-43 857

UEFA European Women’s Championship-4 301-2 788-1 201

UEFA European Women’s Under-19 Championship-1 052-4 806-1 098UEFA European Women’s Under-17 Championship-1 064-3 923

1 394-13 953UEFA Women’s Champions League-12 559-13 601

1 577-20 553

Women’s competitions-18 976-25 1188 633-23 293

UEFA European Under-21 Championship-14 660-6 637353-1 639UEFA European Under-19 Championship-1 286-5 18298-1 268UEFA European Under-17 Championship-1 170-3 849463-1 427

UEFA Youth League-964-4 629UEFA Regions’ Cup

HatTrick and social responsibility

-

-69

-69

-109

9 547

-27 696

Youth and amateur competitions-18 149-20 40611-2 805UEFA European Futsal Championship-2 794-2 412219-3 630UEFA Futsal Champions League-3 411-2 962--306

UEFA Women’s Futsal European Championship

-306

-159

UEFA Futsal Under-19 Championship

63

-185

-122

-1 519293-6 926

Futsal competitions-6 633-7 052

11 417-55 175

Other competitions-43 758-52 576

-

-3

-3

-785

-

-4 342National association development

UEFA Share-4 342-6 041--3 271Competition development-3 271-3 430--5 581

Women’s football development-5 581-4 537--8 487

Business development and digital-8 487-7 525--1 816

Referee education-1 816-4 598

-

-427

-427

-647

-

-1 848

Coach education-1 848-3 249--1 914Anti-doping and medical-1 914-1 324--703

Technical conferences-703-1 092--1 493

Stadium and security-1 493-2 882--1 736

Football facilities-1 736-1 841

-

-304

-304

-635

-7 962-7 610-751-832

Match officer education

Grassroots development--7 962

-

-751

455

-2 448UEFA Academy and bursaries-1 993-2 965455-43 086

Other football activities-42 631-49 993116-86 884

Governing expenses-86 768-83 716

11 988-856 075

Subtotal-844 087-230 142

FINANCIAL REPORT | 2020/21

Other confederation support
Supporters’ movement

Net financing to (-) / from (+) reserves-22 11073 936

Use of net income-866 197-156 206
19

GOVERNING EXPENSES
Total administrative overheads increased by €5 million
in 2020/21 to €52 million (2019/20: €47m). In 2019/20,
no bonuses were paid, and UEFA’s senior management
accepted a three-month salary reduction. However, given
the successful delivery of EURO 2020 and the financial results
achieved, the Compensation Committee decided to reinstate
the bonus scheme for all employees for 2020/21, which was
the main driver of the increase in administrative overheads.
Cost savings were achieved by reducing travel and holding
meetings by videoconference.

Expenses related to the running of UEFA as a governing bodyare classified under two headings:• Institutional: this relates to the costs of running UEFA asa political and governing institution, and includes the UEFA
Congress, committees and disciplinary proceedings, among
other items.
Institutional costs are €1.9 million lower than in 2019/20.
Cost reduction measures continued to have a positiveeffect and the savings were spread over an entire financial
year, the pandemic having started towards the end of theprevious financial year. UEFA continued to hold committee
and panel meetings by videoconference and reduced travel,
accommodation and interpreting costs as much as possible.
On the other hand, costs were higher for the 2021 UEFA
Congress due to it being moved from Minsk in Belarus toMontreux in Switzerland. A number of disciplinary cases
were closed in 2019/20, resulting in lower disciplinary costs
in 2020/21. It goes without saying that the number ofmatches played with fewer spectators also had an effecton the number of cases. Betting fraud detection costs
increased following the decision to set up an integrity unit,
with corresponding staffing requirements. The duties andwork of the governance and compliance unit are importantfor UEFA and as the unit’s activities are still growing, thishas an impact on overall institutional costs.

As supplementary information in the graph below, governing
expenses are set against average total revenue over four years.
This percentage is a good indicator of how UEFA manages
to keep its governing expenses as low as possible and allow
maximum resources to be allocated to solidarity and footballdevelopment, and to teams participating in its competitions.
Despite higher expenses, the percentage in 2020/21 is downbecause of recognised EURO 2020 figures generating higher
average revenue.
The table opposite shows governing expenses and thebreakdown by category of institutional expenses, as wellas total administrative overheads.

• Administrative overheads: these comprise personnel andother general administrative costs such as travel and officerunning costs which are not allocated to a competition or
activity. Essentially, these costs are for ’division management’as well as for legal, finance, outsourced translations andhuman resources.

2013/143.8

2014/15

3.5

2015/16

3.1

2016/173.0

2017/18

2.5

2018/19

2.5

2019/20

2.7

2020/21

2.3
Governing expenses as % of average total revenue

20Breakdown | by category€000
Executive Committee and presidency

2020/212019/20-6 501-6 900Committees and expert panels-1 623-3 299Congress-2 269-2 079

Disciplinary proceedings-4 780-5 268Club licensing and financial fair play

-5 586-5 995Top Executive Programme

-171

-341

Betting fraud detection-1 179-379

Publications and media-7 332-8 821Governance and compliance-1 763-1 198Other institutional matters-3 559-2 430Institutional-34 763-36 710Administrative overheads-52 005-47 006

Governing expenses-86 768-83 716

3 852 446

3 130 297

2.3 %

2.7 %

Average total revenue over four years
As % of average total revenue

FINANCIAL REPORT | 2020/21

21

COMPENSATIONThis section provides details on compensation governanceas well as information on compensation to the UEFA president,
the UEFA general secretary and the members of the UEFA
Executive Committee for the 2020/21 financial year.
The Compensation Committee was created in September 2016
by decision of the Executive Committee and all members
were re-elected for a second four-year term in June 2020.
The committee is independent of the Executive Committee
and the UEFA Congress and ensures a compensation system
is in place that is designed and operated in line with soundperformance management, compliance and corporate
governance principles.
Authorities and responsibilities
The Compensation Committee oversees all aspects ofcompensation of the UEFA president, the UEFA generalsecretary and the members of the Executive Committee,
as well as of the directors of UEFA and UEFA Events SA andany other individuals whom the Compensation Committee
deems it appropriate to cover in accordance with the powers
and duties assigned to it by its charter.
Composition and organisation
The Compensation Committee is chaired by the UEFA
treasurer and Finance Committee chairman, David Gill. The
other members of the Compensation Committee during theperiod under review were Herbert Hübel and José Juan Pintó
Sala (independent), both members of the Governance andCompliance Committee, as well as Stephan Hostettler, as anindependent member without voting rights. He is a managing
partner of HCM International Ltd, a leading international
consulting firm, and an expert in the areas of compensation,
governance, and compliance. The Compensation Committee
met virtually twice during the 2020/21 financial year.
Compensation framework
The compensation strategy aims to maintain UEFA’s position
as a pre-eminent sports organisation with increasing global
reach, and consequently, to ensure it remains competitive forinternational executive talent. The compensation payments
made in this year reflect this strategy accordingly.
Since the COVID-19 outbreak, the committee has continued towork closely with the organisation to address and monitor the
impact of the pandemic on compensation and compensation
governance processes. As communicated in the 2019/2020
compensation section, no bonuses or pay rises were awarded
for that financial year.

22

Given the successful delivery of EURO 2020 and financial
results achieved for the 2020/21 financial year, theCompensation Committee decided to reinstate the regularbonus schemes. In addition, the Compensation Committee
awarded a special COVID-19 resilience bonus to allow
appreciation to be shown to directors and employees who
have worked relentlessly since the start of this crisis andmanaged to find financial and operational solutions to
overcome this unique and challenging situation that UEFAhas had to face.
President
Aleksander Čeferin was re-elected as UEFA president at theOrdinary UEFA Congress in Rome on 7 February 2019 for a
four-year term. For 2020/21, the UEFA president received fixedcompensation of CHF 2,560,769 gross. The UEFA president
is not eligible for any bonus. UEFA contributes to his social
charges, pension fund and accident insurance.
General secretary
Theodore Theodoridis was appointed by the Executive
Committee as UEFA general secretary on 15 September 2016.
For 2020/21 he received fixed compensation of CHF 1,378,462
gross. He was awarded a total bonus of CHF 595,000. UEFA
contributes to his social charges, pension fund and accident
insurance, and also pays him a representation allowance andschool fees for his children’s education.
Executive Committee
The members of the Executive Committee receive a fixedcompensation amount and are not eligible for a bonus. Vicepresidents receive €250,000 gross and other members receive€160,000 gross a year.

FOUR-YEAR CYCLE
Analysing UEFA’s financial figures for one single year in isolation
is not meaningful as the fundamental aspect of UEFA as a
not-for-profit organisation and how it is financed is only visible
if results over a period of four years are cumulated. Those fouryear cycles normally start with the year when a EURO takes
place and produces a positive net result, whereas non-EUROyears have negative results.
Due to the postponement of UEFA EURO 2020, the situation
looks slightly different. The EURO 2020 cycle still started withthe 2019/20 financial year, but the earnings generated byEURO 2020, as well as the HatTrick V accrual, were recorded
in 2020/21.
The table below shows the amounts from 2019/20 to 2022/23,
as well as the cumulative totals for both the EURO 2020 andEURO 2016 cycles. The net financing needs for the EURO 2020
cycle are estimated at €212.8 million. This will partially beabsorbed by retained earnings of €74.8 million. The balanceof €138 million will be taken from the undesignated reservesof €500 million to ensure the financing of UEFA’s statutory goals
and objectives over the whole cycle.
The table also shows the cumulative figures as a percentage,
disclosing, on the one side, where the net income came from

and, on the other side, how it was invested. In a nutshell,roughly 40% is financed by national team competitions for
the EURO 2020 cycle (EURO 2016 cycle: 47%), while thecontribution from club competitions increased from 47% to50%. However, following the signing of the new memorandumof understanding with the European Club Association (ECA),
earnings in real terms have come down in the current cycle.
The small shift from national team competitions to clubcompetitions between the two cycles can be explained by thelower earnings from EURO 2020. Interest rates remain very low
or even negative. The return from asset management, which
includes foreign exchange effects, will therefore continue tomake a smaller contribution.
On the use of income side, there will be a shift from ’HatTrickand social responsibility’ to ’Other competitions’ and ’Other
football activities’, reflecting UEFA’s aim to invest more in
football development. The decrease under HatTrick is related
to the additional solidarity paid out to member associations
during the EURO 2016 cycle.
It goes without saying that the figures below correspond to a
prudent approach when establishing forecasts and budgets.
It reflects the current situation based on reasonable assumptions,but this could understandably change in either direction.

Breakdown | over two EURO cycles
Actuals
2019/20

Actuals
2020/21

Forecast
2021/22

Budget2022/23

2020
cycle

as %

2016
cycle

as %

National team competitions

-28.4

657.6

-20.1

-37.6

571.5

40 %

783.6

47 %

Club competitions

148.9

173.8

196.9

201.3

720.9

50 %

800.0

47 %

Other revenue

22.7

26.7

21.5

35.1

106.0

8%

119.4

7%

€m

Asset management

13.0

8.1

1.1

1.6

23.8

2%

-12.1

-1 %

Source of net income

156.2

866.2

199.4

200.4

1 422.2100%

1 690.9

100 %HatTrick and social responsibility-43.9-670.9

-52.7

-53.3

-820.858 %-967.057 %Other competitions

-52.5

-43.7

-68.8

-82.4

-247.417 %-189.5

11 %Other football activities

-50.0

-42.7

-56.6

-58.0

-207.315 %-165.1

10 %Governing expenses

-83.7

-86.8

-93.3

-95.7

-359.525 %-325.319 %Subtotal-230.1-844.1-271.4-289.4-1 635.0

115 %-1 646.9

97 %Net financing to (-) / from (+) reserves
Use of net income

73.9

-22.1

72.0

89.0

212.8

-15 %

-44.0

3%

-156.2-866.2-199.4-200.4-1 422.2

100 %-1 690.9

100 %Retained earnings - opening balance

74.8

30.8

Retained earning - closing balance-138.074.8

FINANCIAL REPORT | 2020/21

23

EURO 2020
EURO 2020 celebrated 60 years of the competition and was
unique in more ways than one. Postponed by a year due tothe pandemic, the final tournament was played in 11 host citiesin 11 countries across Europe in summer 2021 and delivered
51 matches during 31 days of competition.
With its 24 participating associations, EURO 2020 was
the biggest international sporting event since the start ofthe pandemic, and thanks to UEFA’s Return to Play Protocol,
all matches were able to be played in safety with supporters
in the stadiums to witness many exceptional high-classmatches and goals.

UEFA was very fortunate that fans were allowed back into
stadiums, which helped to maintain EURO 2020 revenue ona similar level to EURO 2016 and, more importantly, ensured
that UEFA’s main solidarity programmes in favour, not onlyof UEFA's member associations but also clubs, could besubstantially increased. The net earnings will also be used
to part-finance UEFA’s operations in the next two years, until
UEFA EURO 2024 in Germany.

1992

SWE

40.9

1996

ENG

147.3

2000

BEL/NED

229.9

2004

POR

855.2

2008

AUT/SUI

1 350.9

2012

POL/UKR

1 390.9

2016

FRA

1 916.0

2020

Europe1 882.5€m

Media rights

Commercial rights

Matchday and other revenue

Revenue | by nature and final tournament€mMedia rights

1996

2000

2004

2008

2012

2016

2020

as %

18.9

53.3

93.3

560.0

801.6

837.2

1 024.2

1 135.0

60.3 %

Commercial rights

9.7

29.3

54.1

182.2

289.8

313.9

483.3

520.8

27.7 %

Tickets

12.3

64.7

82.5

81.5

100.6

136.1

269.2

148.9

7.9 %

-

-

-

29.9

155.0

102.0

128.1

77.3

4.1 %

Hospitality
Other revenue
Total
Number of participating
associations

24

1992

-

-

-

1.6

3.9

1.7

11.2

0.5

0.0 %

40.9

147.3

229.9

855.2

1 350.9

1 390.9

1 916.0

1 882.5

100.0 %

8

16

16

16

16

16

24

24

RevenueEURO 2020 total revenue, amounting to €1.9 billion, was only
1.7 % lower than for EURO 2016 in France and was some
35  % higher than for EURO 2012 played with 16 teams in
Poland and Ukraine. Considering the challenging situation, thedecrease of €33 million compared with EURO 2016 is small.
Due to the pandemic, there was an obvious shift frommatchday revenue towards rights revenue as health restrictions
forced some stadiums to reduce their seating capacity. UEFA
sold roughly 1.27 million tickets (EURO 2016: 2.5m) andmore than 41,000 corporate hospitality packages for the
51 matches (EURO 2016: roughly 60,000). Matchday revenue
accounted for 12 % of the total revenue (2016: 21 %).
However, lower matchday revenue is counterbalanced by a
10 % increase in media and commercial rights revenue. Total
rights revenue represents 88 % of total revenue (2016: 79 %).

Some 140 broadcaster partners in 229 territories worldwide
broadcast EURO 2020 matches and events. Media rights
revenue, which includes sales of unilateral services tobroadcasters, increased by 11 % to a total of €1.1 billion,
compared with an 8 % upturn in commercial rights revenue(€520.8m). The sponsorship programme brought together
12 of the world’s largest brands as EURO 2020 partners –UEFA’s six national team football official sponsors alongside
six EURO 2020 official sponsors. Partners enjoyed privileges
tailored to their needs, including exclusive rights to enhance
fan engagement and relations and unparalleled brandexposure across all 11 stadiums and digital platforms.
The EURO 2020 licensing programme comprised a vast rangeof products, with a total of 55 licensees on board: sevenstrategic licensees taken on by UEFA directly and 48 appointed
by UEFA’s agent, which acted as the master licensee.

Competition costs
The total cost of staging EURO 2020 amounted to€703.9 million (2016: €595.2m), the largest part of which
relates to the direct costs of organising the tournament.
The competition budget was divided into different projects,
including, to name but a few, stadium and venue management,
volunteers, hospitality fulfilment, TV production, signage,
event promotion, draws, ceremonies, transport, and staff costs.
Total costs also included referees and match officers.
The budget already allowed for a natural increase in costs dueto the higher number of host countries. Higher costs, forinstance for COVID-19 protective measures, travel contributions

and penalty payments due to the postponement of thetournament, were counterbalanced by various courses of action,such as changes in venues, resulting in a higher ticket inventory,
lower logistical and travel costs, and fewer fan zones owing tolocal health restrictions.
As some of UEFA's partners hold commercial rights forother UEFA competitions, more than €9 million was charged
to the EURO 2020 accounts as an internal allocation in favourof other national team competitions (European Under-21
Championship, Women’s EURO and Futsal EURO).

EURO 2020 | project accounts
EURO 2004€mEURO 2008

EURO 2012EURO 2016EURO 2020

Media rights

560.0

801.6

837.2

1 024.2

1 135.0

Commercial rights

182.2

289.8

313.9

483.3

520.8

Rights revenue

742.2

1 091.4

1 151.1

1 507.5

1 655.8

Tickets

81.5

100.6

136.1

269.2

148.9

Hospitality

29.9

155.0

102.0

128.1

77.3

Other revenue

1.6

3.9

1.7

11.2

0.5

Gross revenue

855.2

1 350.9

1 390.9

1 916.0

1 882.5

Competition costs-187.7-464.5-499.2-595.2-703.9Net revenue

667.5

886.4

891.7

1 320.8

1 178.6

Distribution to participating associations-128.9-184.0-196.0-301.0-331.0--43.3-100.0-150.0-200.0Solidarity to clubs

-1.0

-0.9

-2.0

-22.5

-1.8

Net result

Other solidarity and donations

537.6

658.2

593.7

847.3

645.8

Competition costs

21.9 %

34.4 %

35.9 %

31.1 %

37.4 %

Distribution to participating associations

15.1 %

13.6 %

14.1 %

15.7 %

17.6 %

Solidarity payments

0.1 %

3.3 %

7.3 %

9.0 %

10.7 %Net result

62.9 %

48.7 %

42.7 %

44.2 %

34.3 %

Distribution to participating associations
A total of €331 million was distributed to the participating
associations. This is €30 million more than for EURO 2016.
The distribution was divided into a starting fee andperformance bonuses. The starting fee was increased from
€8 million for EURO 2016 to €9.25 million for EURO 2020,
while the performance bonuses remained the same as forEURO 2016. For the group stage, €1 million was awarded fora win and €0.5 million for a draw. Further bonus payments
were paid to the teams that reached the round of 16,

quarter-finals and semi-finals, as well as to the two teams
that met in the final in London.
Due to the greater distances between the different venues,
UEFA increased its travel contribution and paid individual
amounts to each participating association depending on thetravel involved. Total travel costs amounted to €3.4 million andare included under the competition costs.

EURO 2020 | distribution to participating associations
Starting fee

Group F

Group EGroup DGroup CGroup B

Group A€000

Knockout matches

Total

Performance

Round of 16

Quarter-finals

Semi-finals

Final

2 500

4 000

8 000

Turkey

9 250

Italy

9 250

3 000

1 500

Wales

9 250

1 500

1 500

Switzerland

9 250

1 500

1 500

2 500

Denmark

9 250

1 000

1 500

2 500

Finland

9 250

1 000

Belgium

9 250

3 000

1 500

2 500

9 250
28 250
12 25014 7504 000

18 250
10 250Russia

9 250

1 000

Netherlands

9 250

3 000

1 500

Ukraine

9 250

1 000

1 500

Austria

9 250

2 000

1 500

North Macedonia

9 250

England

9 250

2 500

1 500

Croatia

9 250

1 500

1 500

Scotland

9 250

500

16 250
10 25013 7502 500

14 25012 750
9 250

2 500

4 000

5 000

24 750
12 2509 750

Czech Republic

9 250

1 500

1 500

2 500

Spain

9 250

2 000

1 500

2 500

1 500

14 7504 000

19 250Sweden

9 250

2 500

Poland

9 250

500

9 750

Slovakia

9 250

1 000

10 25013 250Hungary

9 250

1 000

Portugal

9 250

1 500

1 500

12 250France

9 250

2 000

1 500

12 750Germany
Total

Group
matches

10 250

9 250

1 500

1 500

222 000

36 00024 000

12 250
20 000

16 000

13 000331 000

Solidarity to clubs and donations
As the table on the opposite page reveals, 699 European
clubs (EURO 2016: 641 clubs) benefited from EURO 2020
for a total amount of €200 million, a €50 million increase
compared with EURO 2016.
€70.4 million (2016: €50.4m), which included a balanceof €0.4 million for both EURO 2020 and EURO 2016, wasdistributed among all clubs which released players during the
2018/19 UEFA Nations League (UNL) and the 2018–20 European
Qualifiers (EQ), irrespective of whether the national team qualified
for EURO 2020. €130 million (2016: €100m) was distributed tothose clubs that released players for EURO 2020.
For the Europeans Qualifiers and the UEFA Nations League,
an average amount per player and per game of €4,004 wasdistributed on the basis of the match sheet. For EURO 2020,
the distribution was calculated on a per player per day basis,
with the associations grouped according to the FIFA Club
Categorisation for Training Compensation, which amounted
to €8,918 per player per day for category 1 clubs, €5,946 forcategory 2 clubs, and €2,973 for category 3 clubs.

It is no surprise that the ten clubs receiving the highest
payments are among the most successful in recent editionsof the UEFA Champions League. They include four clubs
from England, three from Germany, two from Italy and one
from Spain. The highest payment – roughly €5.1 million –went to Chelsea FC.
Besides the solidarity to clubs, UEFA invested €1.8 million insocial responsibility to ensure that football fans with disabilities
could also enjoy the biggest football tournament in Europe.
All signage was colour-blind friendly and blind supporters hadaccess to audio-descriptive commentary services. EURO 2020’s
anti-discrimination campaign highlighted football’s capacity for
uniting millions of fans around the world to raise awarenessof critical social issues. It was a high-profile and positive
affirmation of UEFA’s vision that everyone should be able toenjoy football regardless of who they are, where they are fromor how they play the game.

Net result
The competition net result stands at €645.8 million (2016: €847.3m)
and is €201.5 million lower than for EURO 2016, which canbasically be explained by the higher number of host countries andlower matchday revenue. The financial result achieved within
the context of the COVID-19 pandemic and under very challenging
conditions is, however, financially better than would have beenthought possible some time ago. The EURO 2020 net result is agreat success under very difficult circumstances.

It is important to underline that these earnings will not remain
with UEFA but will be invested straight back into the game –primarily into solidarity programmes such as HatTrick. For thesake of transparency, those investments are not charged to
the EURO 2020 project accounts, so as not to dilute the net
result. More information about UEFA’s solidarity programmes
is provided under ‘Use of income’ and ‘HatTrick’.

Clubs participating in the benefits | per association€000
Number ofclubs 2018-20
5
7
6
10
9
10
17
3
12
8
14
10
17
64
4
6
9
29
3
40
9
11
13
5
13
45
13
1
6
4
5
7
12
8
4
18
5
1
19
20
15
3
13
21
11
13
7
6
5
38
13
17
24
8
3
699

Associations
Albania
AndorraArmenia
Austria
Azerbaijan
BelarusBelgium
Bosnia and Herzegovina
Bulgaria
Croatia
CyprusCzech Republic
Denmark
England
Estonia
Faroe Islands
FinlandFranceGeorgia
Germany
Gibraltar
GreeceHungary
IcelandIsraelItaly
Kazakhstan
KosovoLatviaLiechtenstein
Lithuania
Luxembourg
Malta
Moldova
Montenegro
Netherlands
Northern Ireland
North Macedonia
NorwayPolandPortugal
Republic of Ireland
Romania
RussiaSan Marino
ScotlandSerbiaSlovakia
Slovenia
Spain
SwedenSwitzerland
TurkeyUkraine
Wales
Total

FINANCIAL REPORT | 2020/21

EQ 2018-20 &UNL 2018/19

EURO 2020

Total 2018-20

Total 2014-16

Number ofclubs 2014-16

130
1 028
706
680
1 140
1 038
1 588
83
1 067
799
1 549
1 028
1 134
9 643
430
665
315
2 207
140
5 830
1 079
1 356
999
325
1 049
6 215
1 987
55
824
872
641
441
1 173
678
252
1 612
16
242
854
1 213
779
63
743
3 208
686
1 440
489
427
311
3 425
858
1 372
2 005
1 202
359
70 450

59
297
2 479
59
62
895
488
1 252
1 546
37 36862
6 927
21 957410
2 105
21 217
3 853
178
125
547
1 237
4 316
1 754
59
241
11 202
1 153
1 029
2 414
3 550
1 159
130 000

189
1 028
706
977
1 140
1 038
4 067
142
1 129
1 694
2 037
2 280
2 680
47 011
430
665
377
9 134
140
27 787
1 079
1 766
3 104
325
1 049
27 432
1 987
55
824
872
641
441
1 173
678
252
5 465
16
420
979
1 760
2 016
63
743
7 524
686
3 194
548
668
311
14 627
2 011
2 401
4 419
4 752
1 518
200 450

333
565
365
780
935
533
1 513
89
683
1 281
1 083
1 591
1 946
38 330
480
563
175
7 218
159
18 484
809
1 745
2 319
119
917
15 822
1 199
366
711
361
568
827
540
134
1 331
63
326
1 211
2 051
2 442
17
1 290
6 972
940
1 749
248
496
159
10 455
1 985
2 815
6 782
3 729
1 735
150 339

4
6
7
6
9
8
16
4
6
6
15
9
17
60
4
6
5
19
4
39
8
14
13
5
14
31
12
6
3
6
9
12
8
7
16
1
5
17
17
9
1
13
29
10
11
5
6
5
34
10
13
28
10
3

641

29

HATTRICK V
The UEFA HatTrick programme was launched in 2004 tocoincide with UEFA’s 50th anniversary and with the goal
to distribute revenue from UEFA’s European Championshipto our member associations for investment in footballdevelopment projects. A programme cycle normally starts
in the financial year after a men's EURO. Despite thepostponement of EURO 2020, the fifth edition of the HatTrick
programme actually started before the EURO was played andcovers the seasons 2020/21 to 2023/24.
UEFA’s HatTrick programme has grown into one of thelargest solidarity initiatives in sport, channelling a substantial
portion of each EURO’s revenue to our member associations.
EURO 2020 was no exception, generating €775.5 million(HatTrick IV: €610.5m) to fund activities across the continent.
HatTrick also draws on a small proportion of UEFA clubcompetition revenue, which helped to increase the funds
available despite diminished EURO 2020 earnings.
The aim of the HatTrick programme is to provide financial
support to all 55 UEFA member associations for projects
designed to develop and foster football at all levels. HatTrickhas had a positive impact on the development of European
football, helping to strengthen the roots of the game.

30

The UEFA HatTrick regulations define the financial
contributions available, as well as the types of project,
investment and initiative eligible for support, as well as
the administrative tasks that have to be fulfilled in orderto receive HatTrick funding.
The table on the facing page shows the different amounts per
cycle each member association could receive either as one-off
payments to invest in football infrastructure, development
and education, and grassroots projects, or as yearly fixed andincentive-based solidarity payments.
The annual fixed amounts are designed to contribute toassociations’ running costs, while the annual incentive
payments encourage participation in youth, women’s andfutsal competitions. In addition, contributions are madeto help associations implement and apply various initiatives,
activities and conventions.
All details by category and association are provided on
pages 10 and 11.

HatTrick I

96.2

HatTrick II

132.5

HatTrick III

159.0

HatTrick IV

192.5

HatTrick V

247.5

€m

171.6

Investments

301.6

33.8

408.1

275.6

498.2

339.2

610.5

418.0

775.5

528.0
Yearly solidarity

Mini-pitches

Breakdown | by category€000
Investments

HatTrick I

HatTrick II

HatTrick III

HatTrick IV

HatTrick V

One-off

1 850

2 500

3 000

3 500

4 500

Yearly solidarity

Year 1

825

1 300

1 600

1 900

2 400

Yearly solidarity

Year 2

825

1 300

1 600

1 900

2 400

Yearly solidarity

Year 3

825

1 300

1 600

1 900

2 400

Yearly solidarity

Year 4

825

1 300

1 600

1 900

2 400

Per cycle

650

-

-

-

-

5 800

7 700

9 400

11 10014 100Mini-pitches
Total

FINANCIAL REPORT | 2020/21

31

UEFA NATIONS LEAGUE AND EUROPEAN QUALIFIERS
The completion of the qualifying phase for EURO 2020 secured
20 places in the 24-team final tournament. To identify thelast four qualifiers, 16 teams, each selected on the basis of
their 2018/19 UEFA Nations League performances, entereda play-off draw in November 2019 to divide them into four
different qualifying paths to the finals. Originally scheduled
for March 2020, these play-offs were shifted to October andNovember 2020 as a consequence of football’s temporary
halt. By condensing the national team competition calendar– turning double-headers into triple-headers – UEFA wasable to successfully make up the backlog of play-off matches
without affecting the Nations League. The group stage
matches of the Nations League were completed between
September and November 2020, setting the scene for the
final-four tournament to be played in October 2021 insteadof June 2021, which was the original date for the finals. UEFAalso kick-started the European Qualifiers for the 2022 FIFA
World Cup in Qatar with a triple-header of fixtures in March
2021. Besides the 51 matches of EURO 2020 played across
11 European venues in summer 2021, 361 other nationalteam matches were played in the 2020/21 financial year:
75 European Qualifiers, 12 EURO 2020 play-offs,
114 friendlies and 160 UEFA Nations League matches.
The centralisation of other national team competitions
comprises media and sponsorship sales for the 2018/19 and2020/21 UEFA Nations League as well as for the European
Qualifiers for EURO 2020 and the 2022 FIFA World Cup,
including some friendlies. Matchday revenue is not centralised
and home associations therefore keep the revenue generated
by ticket and hospitality sales.

Revenue is recognised in the income statement based on
the number of matches played in a given financial year.
With many national team matches postponed in 2019/20
due to the pandemic, the number of matches was higher in
2020/21, leading to revenue of €647.3 million for the thirdyear of the current cycle, which was obviously higher than the€279.3 million recognised for 2019/20. The recognised costs
for distribution to associations follows the same accounting
principle using the number of matches played as basis. In
2020/21, €577.4 million was recognised (2019/20: €278.4m).
The actual payments to the participating associations, however,differ from the recognised costs as they are based on individual
declarations signed between the member associations andUEFA, and for the European Qualifiers amounts are fixed, withno performance bonus awarded for a win or for a draw.
Total cumulative revenue for the second cycle (2018–22) isestimated at €1.9 billion and will be almost double that of
the first cycle (2014–18: €1bn). This achievement is a directconsequence of the introduction of the UEFA Nations League
competition in the current cycle, which has increased boththe number and the competitiveness of matches.
The overall result for the full cycle of European Qualifiers will
be negative and therefore requires a subsidy from UEFA. The
estimated total shortfall of €54 million over four years, which
partially represents the costs of operating the competition
and includes some minor COVID-19 compensation payments,
is lower than the previous shortfall for the 2014–18 cycle of€79.5 million. However, it is important to consider both shortfalls
as a long-term investment in strengthening national teams andgiving fans more excitement and more high-quality matches.

2 000

1 500

1 937.2

1 000

500

Total revenue

1 033.30€m

32

2014-18

2018-22

CLUB COMPETITIONS
Compared with 2019/20, when the pandemic resulted in acondensed UEFA club competition format and a major dropin revenue, European football recovered to a great extent in
2020/21 and delivered matches even though the conditions
continued to be challenging. Despite shifting health regulations
and travel restrictions, our effective COVID-19 testing system andproven Return to Play Protocol minimised match cancellations

and positive tests. The pandemic did, however, force us to movethe men’s Champions League final from its original venue ofIstanbul owing to travel restrictions that would have preventedfans of both finalists from attending. The event returned toPortugal, which already had experience of staging the previous
season’s rearranged final at short notice, and 6,000 fans fromeach club were able to attend the match.

By cycle:
2000-03

1 852.5

2003-06

1 449.4

2006-09

2 006.5

2009-123 214.8

2012-15

4 053.3

2015-18

6 021.4

2018-21

7 733.2€m

2 203.6

351.1
373.9

Media rights revenue

1 823.3
2 606.3

599.8
817.6

4 032.4950.9

5 004.2
1 288.2

7 309.6
1 314.4

9 047.6

Commercial rights revenue

By season:
2013/14

1 444.0

247.5

1 691.5

2014/15

1 496.5258.6

1 755.1

2015/16

2 060.9

2016/172 120.5366.9

2 487.4

2017/18

2 136.6

372.3

2 508.9

2018/19

2 853.4

2019/20

2 418.8

2020/212 797.6€m

Champions League/Super Cup

355.9

2 416.8363.8

3 217.2
2 730.3

311.5
358.3

3 155.9

Europa League

Gross revenue
At €3.16 billion, overall revenue was almost back at its prepandemic level (2018/19: €3.22bn). As not all rights could bedelivered, some minor compensation was agreed with partners.
Lower matchday revenue compared with 2018/19 also prevented
overall revenue from returning to the target level for 2020/21.
The first graph above shows the figures per cycle for rights
revenue. Despite the 15 % hit in 2019/20, cumulative rights
revenue for the 2018–21 cycle passed the €9 billion mark(2015–18: €7.3bn). Media rights revenue rose by as much as
28 % thanks to general increases across most markets – in34

particular, those with coverage limited to pay-TV Commercial
rights revenue grew by 2 %, most likely as a consequence ofthe success of media rights sales to pay-TV broadcasters.
The second graph shows total revenue per season and percompetition. Besides rights revenue, total revenue includes ticket
and hospitality sales for the two club competition finals and theSuper Cup. For all other matches, home clubs keep the gate
receipts. While no spectators attended the 2020 finals, a reduced
number attended the 2021 finals and the 2020 Super Cup,
generating €8.3 million in revenue, €4.4 million up on 2019/20.

Competition costs
The higher number of matches played in 2020/21 anda subsidy for travel for clubs playing in the qualification
phase, coupled with additional costs related to COVID-19
measures and testing, considerably increased competition
costs compared with 2019/20. The change of venue for the
men’s Champions League from Istanbul to Porto did not havea financial impact because the service levels were adapted,
compensating for penalty or cancellation fees.

Competition costs for staging the two main men’s competitions(play-offs to the finals) and the Super Cup, including referees
and match delegates for all matches (all qualifying rounds
included), increased by 5% to €259.8 million (2019/20:€247.3m). In contrast, competition costs as a percentage
of gross revenue decreased from 9.1% to 8.2% in 2020/21,
which is even slightly lower than the 2018/19 season.

Solidarity
The UEFA Executive Committee decided to maintain solidarity
payments on the same level as previous seasons – underlining its
commitment to helping European football in its time of need.
As shown in the table below, solidarity increased to€220.9 million in 2020/21 (2019/20: €191.1m), reflecting thehigher revenue generated. A €10 million cross-subsidy was
allocated from the men’s Champions League clubs’ share.
The actual solidarity paid stands at €232.2 million and includes
a further advance by UEFA of €12 million to maintain thesolidarity level. At the same time, €9.3 million was deductedto start reimbursing UEFA’s advance of €36.4 million in 2019/20,
which will be reimbursed in full by the end of the next clubcompetition cycle in 2023/24.

For 2020/21, UEFA allocated solidarity payments according
to the same criteria as the previous season: out of a total of
7% of gross revenue, 4 % goes to non-participating clubs
for investment in youth football development projects. In thereporting period, the total available amount was €130 million.
Of this, 80 % is distributed to national associations with atleast one club participating in the men’s Champions League
group stage and 20 % to those with no participating clubs.
The amount is accrued and will be paid out during the2021/22 season. The remaining 3 %, amounting to€102.2 million for 2020/21, is reserved for clubs participatingin the Champions League and Europa League qualifying rounds.

Breakdown | by nature
2020/212019/20

Total solidarity

220.9

191.1

Subsidy from UCL clubs

10.0

10.0

Additional solidarity

12.0

36.4

Deducted from 2019/20 and 2020/21 solidarity

-9.3

-5.7

Team travel contribution

-1.4

0.0

Total solidarity disbursed

232.2

231.8

- solidarity to non-participating clubs

130.0

130.0

- solidarity to eliminated clubs

102.2

101.8

€m

FINANCIAL REPORT | 2020/21

35

Total: 3 155.9
3 000

UEL

358.3

UCL/USC

2 797.6

259.8
220.9

2 500
2 000
1 500

2 675.22 501.4

1 000
500
173.8
0
€m

Gross revenue

Costs

Solidarity

Net revenue

Club shareUEFA share

Club competitions | project accounts€mMedia rights

UCL/USC

UEL

2020/21as %2019/20

as %2 389.0309.3

2 698.3

85.5 %

2 318.8

84.9 %

Commercial rights

401.5

47.8

449.3

14.2 %

407.6

14.9 %

Rights revenue

2 790.5

357.1

3 147.6

99.7 %

2 726.4

99.8 %

5.9

0.7

6.6

0.2 %

3.9

0.2 %

Tickets
Hospitality

1.2

0.5

1.7

0.1 %

0.0

0.0 %

Gross revenue

2 797.6

358.3

3 155.9

100.0 %

2 730.3

100.0 %

Competition costs-180.8-79.0-259.88.2 %-247.3

9.1 %Solidarity payments-144.7-76.2-220.97.0 %-191.1

7.0 %Net revenue

2 472.1

203.1

2 675.2

84.8 %

2 291.9

83.9 %- club share-2 501.4

93.5 %-2 143.0

93.5 %- UEFA share-173.86.5 %-148.96.5 %Club share
To calculate the club share, all men’s Champions League/Super
Cup and Europa League rights, ticket and hospitality revenue
is placed in a single distribution pot, from which competition
costs and solidarity payments are then deducted. The net
revenue, which amounted to €2.67 billion in 2020/21, is thensplit between the clubs (93.5 %) and UEFA (6.5 %).
In the current reporting period, the share available for distribution
to clubs totalled €2.5 billion (2019/20: €2.14bn). As every
season, this is then split as a fixed ratio of 4 to 1 between
men’s Champions League/Super Cup and Europa League clubs.
An additional €50 million taken from the Champions League
clubs’ share goes to Europa League clubs, while an additional€10 million subsidises solidarity payments to clubs eliminatedin the qualifying phase.
36

Although the revenue reduction due to COVID-19 wasmuch lower in 2020/21, UEFA continued, as in 2019/20,
to maintain the distribution amount at the 2018/19 level.
The corresponding advance payment will be deductedfrom the club distribution over the next three seasons.
The table on the facing page shows the reconciliation
between the actual recognised costs (club share), crosssubsidies and advances/deductions on the one side, andon the other side, the actual amounts paid out within the
different pillars, such as starting fees, performance-related
amounts, coefficient rankings and a variable market poolbased on the proportional value of the domestic TV market.

2013/14

1 235.2

2014/15

1 278.4

2015/16

1 767.6

2016/17

1 819.3

2017/18

1 840.8

2018/192 536.1

2019/20

2 466.2

2020/21

2 451.0€m

Club competition distribution by season

Breakdown | by competition and category€mClub share

UCL/USC

UEL

2020/212019/202 001.1

500.3

2 501.4

2 143.0

Cross-subsidy to solidarity

-10.0

0.0

-10.0

-10.0

Cross-subsidy from UCL to UEL

-50.0

50.0

0.0

0.0

Additional distribution

47.1

10.1

57.2

416.5

Deducted from 2020/21 payment

-78.1

-19.5

-97.6

-83.3

1 910.1

540.9

2 451.0

2 466.2

Distribution to participating clubs
Play-offs

30.0

0.0

30.0

30.0

Starting fee

488.0

140.1

628.1

628.1

Coefficient ranking

585.0

84.0

669.0

669.0

Market pool

292.0

168.0

460.0

460.0

Performance - group matches

259.2

100.1

359.3

359.3

Performance - knockout matches / final / UEFA Super Cup

326.0

68.2

394.2

394.2

COVID-19 / final account / ECA

-70.1

-19.5

-89.6

-74.4

1 910.1

540.9

2 451.0

2 466.2

Total

UEFA share
In accordance with the memorandum of understanding
signed with the European Club Association (ECA) in 2018,
UEFA keeps 6.5 % of net revenue from the main men’s clubcompetitions, which is then reinvested directly into football,first and foremost in other competitions, to further develop
the game at the base of the footballing pyramid and for the
benefit of European football as a whole. It is also used to
FINANCIAL REPORT | 2020/21

co‑finance football development and education activities, aswell as to cover UEFA's institutional and administrative costs.
This contribution for 2020/21 stands at €173.8 million,€24.9 million up on the previous season (2019/20: €148.9m)
and back to the pre-pandemic level, which is important for thesafeguarding of European football.

37

UEFA CHAMPIONS LEAGUE
Teams eligible for Champions League payments
For the 2018–21 cycle, the UEFA Champions League comprises
32 group stage participants, including the six winning teams
from the two-leg qualifying play-off matches. These play-offs,
from which the six losing teams move into the group stageof the UEFA Europa League, are included in the Champions
League contracts. The total number of Champions League
matches played in 2020/21 was 137, compared with 131
in the previous season, following UEFA’s decision to adopt
a revised format with a final-eight tournament comprising
one-off knockout matches, to finish the 2019/20 season safely.

Breakdown of distribution payments for Champions
League participants
In total, €1.91 billion (2019/20: €1.92bn) was distributed toChampions League clubs and the UEFA Super Cup participantsin 2020/21.
UEFA paid a fixed amount of €5 million to the clubs
eliminated in the play-off matches; these clubs subsequently
benefited from the Europa League club share (see relevant
section). The winners of the Champions League play-offs werethen eligible for the Champions League group stage starting
fees: €488 million (equivalent to 25 % of total distribution) or€15.25 million per club.
UEFA allocated €585 million (30 % of total distribution) to
the 32 clubs in the group stage according to a coefficientranking system: in addition to points accumulated over aten-year period for competing in UEFA competitions, a club’s
final ranking includes bonus points for winning the UEFAChampions League/European Champion Clubs’ Cup, the UEFA
Europa League/UEFA Cup or the Cup Winners’ Cup. Clubs
are awarded shares based on their position in the coefficientranking table, with each share worth €1.108 million in theseason under review. The lowest-ranked club (Ferencvárosi
TC) received one share, with one share added for eachsubsequent ranking position. This gave the highest-ranked
club (Real Madrid CF) a total of 32 shares (€35.5m).
Another €292 million (15 % of total distribution) was
distributed according to the proportional value of each TV
market represented by the clubs taking part in the UEFAChampions League from the group stage onwards. The
different market shares were split among the participatingclubs, with the first 50 % based on the club’s previous
season’s domestic ranking and the other half paid inproportion to the number of matches played by eachclub in the 2020/21 season.

UEFA also allocated 30% of the total distribution – €585 million– as performance-related fixed amounts in the group stage:€2.7 million for a win and €900,000 for a draw. Undistributed
amounts (€900,000 per draw) were pooled and redistributed
among the clubs playing in the group stage in amounts
proportionate to their number of wins. The table on thefollowing pages details the amounts paid to clubs that qualified
for the knockout stage and the two finalists. This total also
includes payments made to the clubs playing the Super Cup in
September 2020.
Following the group stage, each club received an average of€58.3 million (2019/20: 58.6m) with the two highest amounts
distributed to the two finalists: runners-up Manchester City FC(€119.1m) and winners Chelsea FC (€119.8m). The lowest
amount paid out was €18.5 million.
UEFA rewarded a fixed amount of €3.5 million to each of
the 2020 Super Cup participants – FC Bayern München andSevilla FC – with the winners, FC Bayern München, receiving
an additional amount of €1 million.
The final column on page 33 shows the amounts deductedproportionally for the COVID-19 advance payments madein 2019/20 and 2020/21, as well as the amount paid to theEuropean Club Association (ECA).

UEFA Champions League 2020/21 | distribution to clubs
Play-offs

Starting fee

Coefficient

Market pool

USC

Eliminated clubs

Group HGroup GGroup F

Group EGroup DGroup CGroup B

Group A

€000

Group matches
Performance

FC Bayern München

GER

15 25034 348

11 52915 585Club Atlético de Madrid

ESP

15 25032 13212 686

8 574

FC Salzburg

AUT

15 25014 404

1 832

3 837

FC Lokomotiv Moskva

RUS

15 250

8 864

695

2 700

Real Madrid CF

ESP

15 25035 45622 036

9 711

FC Shakhtar Donetsk

UKR

15 25021 052253

7 674

F.C. Internazionale Milano

ITA

15 25017 72812 712

5 637

VfL Borussia Mönchengladbach

GER

15 250

7 756

5 481

7 674

FC Porto

POR

15 25026 5922 604

12 648Manchester City FC

ENG

15 25025 48420 651

15 585Olympiacos FC

GRE

15 25015 512

2 662

2 937

Olympique de Marseille

FRA

15 25013 296

17 5292 937

Liverpool FC

ENG

15 25022 16021 62012 648AFC Ajax

NED

15 25019 944

1 830

6 774

Atalanta BC

ITA

15 2505 540

11 865

10 611FC Midtjylland

DEN

15 250

2 216

2 174

1 800

Sevilla FC

ESP

15 25023 2689 682

12 648Chelsea FC

ENG

15 25031 02413 87513 548

FC Krasnodar

RUS

15 250

6 648

542

4 737

Stade Rennais FC

FRA

15 2504 432

13 147900

Football Club Zenit

RUS

15 25018 836797

900

Borussia Dortmund

GER

15 25024 3769 828

12 648S.S. Lazio

ITA

15 25012 188

9 322

9 474

Club Brugge KV

BEL

15 250

11 080

1 698

7 674

Juventus Football ClubITA

15 25029 91616 95014 685

FC Barcelona

ESP

15 25033 24015 69114 685

FC Dynamo Kyiv

UKR

15 25016 620228

3 837

Ferencvárosi TC

HUN

15 250

1 108

1 950

900

Paris Saint-Germain

FRA

15 25027 70027 75311 748Manchester United FC

ENG

15 25028 808

11 616

8 811

RB Leipzig

GER

15 250

9 972

7 182

11 748İstanbul Başakşehir F.K.

TUR

15 250

3 324

2 160

2 937

KAA Gent

BEL

5 000

AC Omonia

CYP

5 000

SK Slavia Praha

CZE

5 000

PAOK FC

GRE

5 000

Maccabi Tel-Aviv FC

ISR

5 000

Molde FK

NOR

5 000

AZ

NED

203

SL Benfica

POR

289

Beşiktaş JK

TUR

240

SK Rapid Wien

AUT

203

FC Bayern München

GER

Sevilla FC

ESP

189

296

Allocated in accordance with the memorandum of understanding with the ECA
Total

40

30 000488 000

585 024

292 000

259 212Knockout matches
Round of 16

Quarter-finals

9 500

10 500Semi-finals

COVID-19/ECA
Final

9 500

9 500

10 500

12 000

9 500
9 500

10 5009 500

10 500

12 000Total

15 000-3 81492 898 FC Bayern München-3 08275 060 Club Atlético de Madrid-1 39333 930 FC Salzburg-1 08526 424 FC Lokomotiv Moskva-4 514109 939 Real Madrid CF-1 74442 485 FC Shakhtar Donetsk-2 02449 303 F.C. Internazionale Milano-1 80143 860 VfL Borussia Mönchengladbach-3 04074 054 FC Porto-4 889119 081 Manchester City FC-1 43434 927 Olympiacos FC-1 93347 079 Olympique de Marseille-3 61688 062 Liverpool FC-1 72742 071 AFC Ajax

9 500

-2 08150 685 Atalanta BC-846

20 594 FC Midtjylland

9 500-2 77467 574 Sevilla FC-4 918

119 779 Chelsea FC-1 07226 105 FC Krasnodar-1 33032 399 Stade Rennais FC

9 500

9 500

10 50010 500

12 000

19 000-1 41134 372 Football Club Zenit-3 23878 864 Borussia Dortmund

9 500-2 19853 536 S.S. Lazio-1 40834 294 Club Brugge KV

9 500-3 40482 897 Juventus Football Club

9 500

-3 48584 881 FC Barcelona-1 41734 518 FC Dynamo Kyiv

-758

18 450 Ferencvárosi TC

9 500

9 500

10 50010 500

12 0009 500-4 514109 937 Paris Saint-Germain-2 54361 942 Manchester United FC-2 11651 536 RB Leipzig-934

22 737 İstanbul Başakşehir F.K.

-205

4 984 KAA Gent

-197

4 803 AC Omonia-197

4 803 SK Slavia Praha-209

5 087 PAOK FC-197

4 803 Maccabi Tel-Aviv FC-197

4 803 Molde FK-8

195 AZ-11

278 SL Benfica-9

231 Beşiktaş JK

-8
4 500
3 500
152 000

84 000FINANCIAL REPORT | 2020/21

48 00042 000-177

195 SK Rapid Wien
4 323 FC Bayern München-138

3 362 Sevilla FC

8 000

8 000

-70 096

1 910 140

41

UEFA EUROPA LEAGUE
Teams eligible for Europa League payments
The 48 teams that qualify for the group stage of the UEFA
Europa League are drawn into 12 groups, guaranteeing eachteam three home and three away matches. The winners andrunners-up from each of the 12 groups are joined in the roundof 32 by the eight teams which earn the right to continue their
European campaign by finishing third in their UEFA Champions
League group. The actual number of matches played in thisreporting period was 204 (2019/20: 197), with just one matchbeing cancelled for COVID-related reasons.
Breakdown of distribution payments
for Europa League participants
In total, €540.9 million was paid to the Europa League
participants for the 2020/21 season.
As explained earlier, 93.5 % of net revenue is distributed
to Champions League and Europa League clubs at an agreed
fixed ratio of 4 to 1 between the two competitions. An
additional subsidy of €50 million taken from the Champions
League clubs brings the total distributed amount for theEuropa League to €540.9 million (2019/20: €543.8m).
UEFA uses the same distribution model applied to theChampions League, including the additional coefficientranking system (see page 38).
All participating clubs are entitled to a fixed starting fee of€2.92 million, 25 % (€140.1m) of total distribution payments.
UEFA then paid a total €84 million (15 % of total distribution)in accordance with the coefficient ranking table of eachclub’s performance in European competitions over a ten-year
period. Clubs are awarded shares based on their position in
the table, with each share worth €71,430 in the season underreview. The lowest-ranked club (PFC CSKA Sofia) received one
share, with one share added for each subsequent ranking
position. This gave the highest-ranked club (Arsenal FC) a totalof 48 shares (€3.42m).

Another €168 million (30 % of total distribution) was
distributed according to the proportional value of each TV
market represented by the clubs taking part in the UEFA
Europa League from the group stage onwards. The different
market shares were split among the participating clubs, withthe first 50 % based on the club’s previous season’s domestic
ranking and the other half paid according to the club’s
progress in the competition during the 2020/21 season.
UEFA also allocated 30 % of the total distribution –€168 million – as performance-related fixed amounts in thegroup stage: €570,000 for a win and €190,000 for a draw.
Undistributed amounts (€190,000 per draw) were pooled andredistributed among the clubs playing in the group stage inamounts proportionate to their number of wins. In addition,
each group winner and runner-up received a qualification
bonus of €1 million and €500,000 respectively. The table on
the following pages details the amounts paid to clubs that
qualified for the knockout stages and the two finalists.
Following the group stage, each club received an average€10.6 million, with the highest amount paid to the competition
winners, Villarreal CF (€33.1m).
The final column shows the amounts deducted proportionally for
the COVID-19 advance payments made in 2019/20 and 2020/21.

UEFA Europa League 2020/21 | distribution to clubs

Starting fee

Coefficient

Market poolGroup KGroup J

Group IGroup HGroup GGroup F

Group EGroup DGroup CGroup B

Group A

€000

44Group matches
Performance

Round of 32

AS Roma

ITA

2 920

3 000

9 885

3 638

500

BSC Young Boys

SUI

2 920

2 286

3 687

2 526

500

CFR 1907 Cluj

ROU

2 920

1 500

1 691

992

PFC CSKA Sofia

BUL

2 920

71

319

992

Arsenal FC

ENG

2 920

3 429

14 403

4 672

SK Rapid Wien

AUT

2 920

1 714

623

1 414

Molde FK

NOR

2 920

1 000

5 000

2 526

Dundalk FC

IRL

2 920

143

343

Bayer 04 Leverkusen

GER

2 920

3 143

8 343

4 060

500

SK Slavia Praha

CZE

2 920

1 143

587

2 948

500

Hapoel Beer-Sheva FC

ISR

2 920

500

211

1 224

OGC Nice

FRA

2 920

929

8 581

612

SL Benfica

POR

2 920

3 357

981

2 906

R. Standard de Liège

BEL

2 920

1 929

318

802

Rangers FC

SCO

2 920

1 357

2 087

3 828

KKS Lech Poznań

POL

2 920

786

2 452

612

PSV Eindhoven

NED

2 920

2 857

1 151

3 448

PAOK FC

GRE

2 920

2 500

2 991

1 182

Granada Club de Fútbol

ESP

2 920

2 000

7 186

2 716

AC Omonia

CYP

2 920

214

368

802

SSC Napoli

ITA

2 920

3 214

5 313

3 216

500

Real Sociedad de Fútbol

ESP

2 920

2 071

4 729

2 294

500

AZ

NED

2 920

2 571

931

1 604

HNK Rijeka

CRO

2 920

857

560

802

SC Braga

POR

2 920

2 714

981

3 138

500

Leicester City FC

ENG

2 920

1 786

7 622

3 638

500

AEK Athens FC

GRE

2 920

1 071

2 991

612

FC Zorya Luhansk

UKR

2 920

643

686

1 224

Celtic FC

SCO

2 920

2 643

1 214

802

AC Sparta Praha

CZE

2 920

2 429

257

1 224

AC Milan

ITA

2 920

3 071

5 677

3 638

500

LOSC Lille

FRA

2 920

1 643

11 2852 716

500

Villarreal CF

ESP

2 920

2 929

10 1804 250

500

FK Qarabağ

AZE

2 920

1 214

28

190

Maccabi Tel-Aviv FC

ISR

2 920

1 286

216

2 716

Sivasspor Kulübü

TUR

2 920

357

5 481

1 224

Tottenham Hotspur FC

ENG

2 920

3 286

9 094

3 638

PFC Ludogorets 1945

BUL

2 920

2 214

319

LASK Linz

AUT

2 920

429

623

2 026

R. Antwerp FC

BEL

2 920

571

471

2 948

PFC CSKA Moskva

RUS

2 920

2 786

3 187

570

GNK Dinamo

CRO

2 920

2 357

968

3 828

Feyenoord

NED

2 920

1 857

931

992

Wolfsberger AC

AUT

2 920

286

771

2 526

500
500

500
500
500
500

500
500

500
500
500

Knockout matches

COVID-19

Round of 16

Quarter-finals

Semi-finals

1 100

1 500

2 400

Final

1 100

-870

24 073 AS Roma-450

12 569 BSC Young Boys

-250

6 853 CFR 1907 Cluj

-150
1 100

1 500

2 400

-1 080

1 100

1 100

1 500

1 100

1 100

1 500

1 100
1 100

1 500

1 100

1 100

FINANCIAL REPORT | 2020/21

1 500

2 400

Total

8 500

4 152 PFC CSKA Sofia
29 844 Arsenal FC-230

6 441 SK Rapid Wien

-450

12 596 Molde FK-120

3 286 Dundalk FC-660

18 306 Bayer 04 Leverkusen-370

10 328 SK Slavia Praha-170

4 685 Hapoel Beer-Sheva FC-450

12 592 OGC Nice-370

10 294 SL Benfica-210

5 759 R. Standard de Liège-410

11 382 Rangers FC-240

6 530 KKS Lech Poznań

-380

10 496 PSV Eindhoven-330

9 263 PAOK FC-620

17 302 Granada Club de Fútbol

-150

4 154 AC Omonia-530

14 633 SSC Napoli-440

12 074 Real Sociedad de Fútbol

-280

7 746 AZ

-180

4 959 HNK Rijeka-360

9 893 SC Braga-570

15 896 Leicester City FC-260

7 334 AEK Athens FC-190

5 283 FC Zorya Luhansk-260

7 319 Celtic FC-240

6 590 AC Sparta Praha-590

16 316 AC Milan-660

18 404 LOSC Lille-1 19033 089 Villarreal CF-150

4 202 FK Qarabağ

-270

7 368 Maccabi Tel-Aviv FC-350

9 632 Sivasspor Kulübü-720

19 818 Tottenham Hotspur FC-190

5 263 PFC Ludogorets 1945-210

5 788 LASK Linz

-260

7 150 R. Antwerp FC-330

9 133 PFC CSKA Moskva-460

12 713 GNK Dinamo-230

6 470 Feyenoord-240

6 763 Wolfsberger AC

45

UEFA Europa League 2020/21 | distribution to clubs

Starting fee

Coefficient

Market poolClubs from UCLGroup L

€000

Total

Group matches
Performance

Round of 32

KAA Gent

BEL

2 920

2 143

318

FK Crvena Zvezda

SRB

2 920

1 571

679

2 716

500

TSG 1899 Hoffenheim

GER

2 920

1 429

8 343

4 250

500

FC Slovan Liberec

CZE

2 920

714

209

1 414

FC Salzburg

AUT

FC Shakhtar Donetsk
Olympiacos FC

147

500

UKR

123

500

GRE

2 152

500

AFC Ajax

NED

1 341

500

FC Krasnodar

RUS

502

500

Club Brugge KV

BEL

81

500
500

FC Dynamo Kyiv

UKR

123

Manchester United FC

ENG

8 260
140 160

84 000168 000500
100 096

16 000Knockout matches
Round of 16

Quarter-finals

COVID-19

Semi-finals

Total

Final
-190

5 191 KAA Gent-290

8 096 FK Crvena Zvezda-610

16 832 TSG 1899 Hoffenheim-180

5 077 FC Slovan Liberec-20627 FC Salzburg

1 100

-60

1 663 FC Shakhtar Donetsk

1 100

-130

3 622 Olympiacos FC-150

4 291 AFC Ajax

1 100

1 500

-30

972 FC Krasnodar-20

561 Club Brugge KV-60

1 663 FC Dynamo Kyiv

1 100

1 500

2 400

4 500

-640

17 620 Manchester United FC

17 600

12 0009 600

13 000-19 500

1 100

540 956

This document is published in English, French and German.
The English version is authoritative, in accordance with
Article 4.3 of the UEFA Statutes.

FINANCIAL REPORT | 2020/21

49

UEFA
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50